Sun, Oct 14, 2018 - Page 14 News List

World Business Quick Take

Agencies

RETAIL

Walmart buys lingerie firm

Walmart Inc on Friday said it would buy online lingerie retailer Bare Necessities Ltd, the latest acquisition in a niche-brand buying spree. Walmart declined to disclose how much it is paying for Bare Necessities, but said the deal would help deepen its expertise in the world of bras, swimwear and shapewear. Bare Necessities would remain a stand-alone site, the company said. Bare Necessities cofounder and chief executive officer Noah Wrubel would also lead the intimates area for Walmart.com and Jet.com.

BANKING

KKR to buy assets in India

KKR & Co is seeking to acquire assets from stressed Indian shadow lenders, as it tries to take advantage of the market disruption after a rare money market default by Infrastructure Leasing & Financial Services Ltd. The private equity company’s two Indian credit units might spend as much as 20 billion rupees (US$271.42 million) combined with purchase portfolios from local finance companies, KKR India chief executive officer Sanjay Nayar said on Friday.

AUTOMAKERS

Tesla mulls making liquor

What started as an April Fools’ Day joke that left a poor taste in Tesla Inc investors’ mouths might soon become a reality. The electric automaker on Monday submitted a trademark application for Teslaquila, describing the planned product as a distilled agave liquor. The application was filed as “based on intent to use,” which means that Tesla does not have the product ready just yet. The company needs to actually be making a product to obtain the trademark.

BLOCKCHAIN

Cohn turns start-up advisor

Gary Cohn, the former chief economic aide to US President Donald Trump and president of Goldman Sachs Group Inc, would serve as an adviser to blockchain technology start-up Spring Labs. Joining Spring Labs is his most high-profile move since resigning as National Economic Council director earlier this year after Trump imposed tariffs on aluminum and steel that Cohn opposed.

FASHION

Icicle to acquire Carven

China’s Icicle (之禾), a fashion firm that focuses on using natural fibers, was selected on Friday to take fashion label Carven out of bankruptcy, lawyers for the storied French company told reporters. One of seven offers, Icicle bid a little more than 6.5 million euros (US$7.52 million) for the company, which was founded in 1945 and sought bankruptcy protection in May. Icicle has pledged to invest another 8 million into the company. Carven’s last publicly disclosed figures were a net profit of 67,000 euros on sales of 49 million euros in 2015.

INSURANCE

Firm to shed extra US control

Prudential Financial Inc could as soon as next week shed the too-big-to-fail label that the US government slapped on it after the 2008 financial crisis, a person familiar with the matter said. The Financial Stability Oversight Council has been considering freeing the New Jersey-based insurer from heightened oversight for months. A vote on the matter might come when the panel meets in Washington on Tuesday, said the person, who asked not to be named because a decision has not yet been announced.

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